Bitcoin [BTC] Price Analysis: Staggers but may rise to $ 1 million according to former Goldman Sachs fund manager
Bitcoin is a store of value, a shield against inflation and all attempts to devalue fiat money. That is at least the position and the position of the followers.
They are convinced that the currency will be inherent to the dominance of the USD after its next fall from glory thanks to the mismanagement of the Federal Reserve. Michael Saylor and the Winklevoss cufflinks They talk about BTC and its prospects.
Major institutions are starting to take notice of BTC and cryptocurrencies in general, driven by favorable regulations from the United States, they are now changing their hard-line stance, accepting that BTC is here to stay.
One of them, Goldman Sachs, who posted a slideshow a while ago outlining why cryptocurrencies and BTC shouldn't be considered an asset class, is hiring an executive to head their Digital Assets department in London.
Also, a former Goldman Sachs fund manager, Raoul Pal, said that BTC will soon skyrocket to over $ 1 million. He backed his reasons and explained that institutions will soon adopt cryptocurrency, as the economy will take a little longer to recover from the effects of the Coronavirus.
In an interview with Stanberry Research, he said:
“Yes, I think ($ 1 million) is fine. Just from what I know of all the institutions and all the people I speak to, there is a huge wall of money coming into this. It is a huge wall of money. It's just that the pipes aren't there to let people do it yet, and that's yet to come, but it's on everyone's radar screen and there are a lot of smart people working on it.
At the same time, Fidelity Investments recently pointed out how allocating a small portion of a BTC to a portfolio profoundly affects returns.
Bitcoin price analysis
He bitcoin price it's wavy and under immense pressure judging from price action over the past three days. At the time of this writing, the currency is down against the USD in the last 24 hours, but is up four percent against the dollar in the last week of trading.
The arrangement of the candles points to a weakness on the daily chart. Although prices are trending lower, printing lower lows against the upper BB and reacting noticeably from $ 11,500, the path of least resistance in the medium term appears to be to the north.
Advising this is the level of engagement that accompanies the bearish support bulls of the past few days from an effort versus results perspective.
Moving forward, how prices react in the BB medium and the previous resistance trend line now supported by the bullish flag will influence the BTC price trajectory in the medium term. A break below $ 11,200 could trigger a breakout towards $ 10,900.
On the other hand, strong gains above $ 12,000 create a strong case for $ 12,500 or more in the coming days.
Graphic courtesy of Trading View
Disclaimer: Points of view and opinions expressed are those of the author. This is not investment advice. Do your research.
If you found this article interesting, you can find more Bitcoin news here
